GFG Resources Inc. (GFG or Company) reported the conclusion of its option and earn-in agreement (Agreement) with Group 11 Technologies Inc. (Group 11), a privately-owned corporation.
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This Agreement was intended to advance GFG’s Rattlesnake Hills Gold Project (Project) in Wyoming, United States. As per the terms of the Agreement, Group 11 had the right to gradually acquire up to 70% ownership of the Project.
This was contingent on Group 11 fulfilling a series of exploration and development expenditures and making scheduled cash and equity payments to GFG. It is important to note that the Project remains entirely under the ownership and control of GFG.
Through our Agreement and the positive metallurgical results from Rattlesnake Hills, Group 11 demonstrated the real potential for In-Situ Recovery application to be used in the gold industry. We remain an equity holder in Group 11 and wish them the best as they continue to advance the development and application of this innovative technology.
Brian Skanderbeg, President and CEO, GFG Resources Inc.
Brian Skanderbeg adds, “Moving ahead, GFG owns 100% ownership in this district-scale gold property and will undertake a strategic review to evaluate the best path forward to advance the Project and maximize shareholder value.”
We remain fully committed and well-funded to continue our exploration efforts in the Timmins belt, where we hold three district-scale land positions and are launching an aggressive drill program at Montclerg and advancing regional targeting efforts across Goldarm, Pen, and Dore land positions.
Brian Skanderbeg, President and CEO, GFG Resources Inc.
As GFG progresses with its strategic review of the Project, the Company will provide the market with an update.
The Rattlesnake Hills Gold Project
The Rattlesnake Hills Gold Project is an exploration initiative focused on gold, situated in central Wyoming, approximately 100 km southwest of Casper. Notably, the Project holds a central position within a geographically extensive belt of alkalic intrusive complexes, spanning roughly 1,500 km along the eastern flank of the Rocky Mountains, extending from Montana to New Mexico.
The Project boasts a substantial drilling history, with approximately 95,000 m of drilling conducted. This extensive drilling effort has delineated three noteworthy zones of alteration and precious metal mineralization. These zones are closely linked to Eocene age alkalic intrusions and are located at North Stock, Antelope Basin, and Blackjack.
Most drilling efforts have concentrated on near-surface targets suitable for open-pit mining in the North Stock and Antelope Basin zones. Notable achievements from this focus include intercepts such as 1.85 grams of gold per ton (g/t Au) over a hole length of 236.2 meters (m), 4.20 g/t Au over 77.7 m, 2.08 g/t Au over 150.9 m, and 0.82 g/t Au over 99.1 m.
Apart from the delineated mineralization zones, the Company holds the belief that the district possesses significant exploration potential. It has identified several kilometer-scale greenfield targets that have yet to undergo drilling. These greenfield targets were identified through the Company's geophysical and geochemical programs and exhibit compelling similarities to the North Stock and Antelope Basin systems.
Source: https://www.gfgresources.com